Selling continued in local wheat futures due to higher production forecast for the current year.The Indian agriculture scientist predicted that India's wheat production to touch 100 million tonnes as normal temperature, no pest infestation and a forecast for more rainfall and chilly weather in January will boost the crop prospects. On the other side, the latest update from United States Department of Agriculture (USDA) has increased the global 2017/18 wheat supplies a by 4 million tonnes to 755.20 million tonnes, primarily on higher production forecasts. Canada and the European Union more than offsetting production declines in Brazil, South Africa, and Yemen. Canadian wheat production is raised 3.0 million tons to 30.0 million, largely on increased yields in the Prairie Provinces as reported in Statistics Canada's Production of Principal Field Crops report, released on December 6. EU wheat production is raised 1.0 million tons to 152.5 million, mainly on higher production in Romania, Poland, Latvia, and Bulgaria. The NCDEX January Wheat futures plunged by 1.36% today to close at Rs 1653 per quintal.
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